This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

new iht level budget

riccardob
Posts:105
Joined:Sun May 29, 2011 10:02 am
new iht level budget

Postby riccardob » Thu Jul 09, 2015 7:58 am

Hi,

I've tried to gain an understanding of the new iht threshold but each newspaper reports this in a different way.

a) is the extra 175k allowance available only if a family home is worth 350k or more or is it available for all asset regardless of what makes up an estate for example no home but one million in cash.

b) is it valid only for legacies post 2017?

many thanks

Peter D
Posts:10668
Joined:Wed Aug 06, 2008 3:37 pm

Re: new iht level budget

Postby Peter D » Thu Jul 09, 2015 9:13 am

It appears to only be available if the family home is being left to the children. Yes post 2017.
Regards Peter

maths
Posts:8230
Joined:Wed Aug 06, 2008 3:25 pm

Re: new iht level budget

Postby maths » Thu Jul 09, 2015 11:12 am

The newly introduced additional nil rate band applies to transfers on death on or after 6 April 2017.

It is a phased introduction and hence the maximum amount of £175,000 a applies only from 6.4.20 (£100,000 from 6.4.17).

It applies only to a residence (eg buy to let excluded) left to a direct descendant ie child or their children.


Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”